Origination

The mortgage shop's net income was $36.9 million in the second quarter, up from a net loss of $37.2 million in the first three months of the year.

Government lender Plaza Home Mortgage, non-owner occupied originator Constructive Capital are seeing success in the changing environment, helped by their respective business models.

A second quarter profit followed two fiscal periods in the red, but the firm had to overcome a $33 million negative mortgage-servicing rights valuation.

Active listings fell in July on an annual basis, while median home prices also showed signs of a downward trend, according to new data from Realtor.com.

But a Zillow economist argues that there's plenty of evidence suggesting strong GDP and job growth had more to do with the increase than what Fitch did.

The yield on 30-year securities has climbed almost 25 basis points over the past three sessions, returning it to levels last seen in mid-November when inflation was still above 7%, more than double the current rate. Ten-year borrowing costs rose to around 4.15%. 

Move-related demand was still down in the second quarter, though the analysts said they expect to see "sequential improvements in occupancy, but still far below the pandemic peaks in 2021/2022."

The company, whose core business is helping real estate agents connect with homebuyers, said it's projecting third-quarter revenue of $458 million to $486 million.

But the senior housing portfolio is starting to show signs of significant stress, causing the multifamily sector's delinquency rate to rise by 200% year-over-year.

Volumes were driven down largely by slowing conventional purchase activity resulting from ongoing interest rate and affordability challenges, the Mortgage Bankers Association said.